According to the Harvard Business School, “Increasing customer retention rates by 5% increases profits by 25% to 95%.” As you can see, customer retention is obviously very important to the success of any business, including a dental practice. The longer your patients stay with you, the more money you can expect to earn through profits. Yes, your goal may be altruistic in that you desire to provide exceptional dental care to your patients. However, the idea of earning a profit and providing superior oral health care are not mutually exclusive. When you provide a world-class patient experience, your customer base will grow and you will inadvertently increase your profit margin.
In my book, Dental Entrepreneur’s Guide to Profitable eMarketing Strategy, I dedicate a chapter on how to keep your customers coming back. If you follow the concepts taught in the book, you will establish a trusted relationship with your customers through what I call, Trust Authority Building (TAB) websites; setting the foundation for increased customer loyalty to your business that have them coming back repeatedly, essentially building your customer base. There are many other ways to build a successful customer base, which I also mention in my book. Here are a few to get you started:
- Utilize Modern Technology
- Publish a Physical Newsletter
- Expand Your Services
- Attend Networking Events
Did you find these tips helpful? What did I miss? Share your thoughts in the Comments box below.